After coming of age on Milton's and Hayek's views of the market--as a mechanism for processing information and allocating resources which was far better than any central planning could be--it was a huge eye opener when I actually did go to Wall Street.
The degree to which market players are going to make market signals to not have the correct meaning is amazing. Dark pools, chopping up buys and sells and strategically rerouting them--all meant to make the market as bad of an information source as possible.
In retrospect, it seems obvious that they would do this. If the market is the best source of information, you can't beat the market, because you'll never knew more than it will.
The degree to which market players are going to make market signals to not have the correct meaning is amazing. Dark pools, chopping up buys and sells and strategically rerouting them--all meant to make the market as bad of an information source as possible.
In retrospect, it seems obvious that they would do this. If the market is the best source of information, you can't beat the market, because you'll never knew more than it will.